The Penfolds 407 with VeChain NFC Tag Proves the Product's Authenticity
Laura McQuarrie — August 8, 2019 — Lifestyle
References: vechain & prnewswire
One of Australia's most respected winemakers, Penfolds, is now turning to the blockchain for enhanced anti-counterfeiting and traceability with its Penfolds Bin 407 with an attached VeChain NFC wine tag. The tech-enabled wine tags help to communicate information stored on the blockchain, which not only helps customers verify that the products they are purchasing are authentic but empowers them to learn more about their origin and journey.
Changing lifestyle habits and drinking preferences are making wine popular among Chinese consumers—so much so that VINEXPO estimates that China will become the world's second-largest wine consumer by the year 2023. While many wine producers are enjoying the growth of the market for wine in China, so are many copycats and counterfeiters. To combat wine fraud, various anti-counterfeiting measures are being implemented, such as public blockchain VeChain's Wine Traceability Platform.
Changing lifestyle habits and drinking preferences are making wine popular among Chinese consumers—so much so that VINEXPO estimates that China will become the world's second-largest wine consumer by the year 2023. While many wine producers are enjoying the growth of the market for wine in China, so are many copycats and counterfeiters. To combat wine fraud, various anti-counterfeiting measures are being implemented, such as public blockchain VeChain's Wine Traceability Platform.
Trend Themes
1. Blockchain-enabled Wine Tags - Opportunity for winemakers to enhance anti-counterfeiting measures and provide traceability using blockchain technology.
2. Enhanced Verification for Wine Products - Potential to use tech-enabled wine tags to authenticate wine products, giving consumers peace of mind.
3. Consumer Demand for Product Transparency - Increasing interest in learning about the origin and journey of wine products, creating opportunities for brands to provide this information.
Industry Implications
1. Wine Production - Opportunity for winemakers to leverage innovative technologies to combat counterfeiting and provide transparency to customers.
2. Blockchain Technology - Growing demand for blockchain solutions in the wine industry to enhance anti-counterfeiting measures and provide trust.
3. Retail and Consumer Goods - Opportunity for retailers to offer authenticated wine products to meet the increasing demand for transparency and ensure customer confidence.
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